Legal Question in Business Law in Illinois

1. You can use your SSN and report the income/expense on Schedule C but an EIN is free and you can use it for the business as a "disregarded entity" or "for banking purposes only" so you can keep your personal finances separate from the business finances. You should talk to a tax professional to see if this makes sense for you.

2. Normally people set up an LLC and give IT a dba. A 'dba' is an assumed name; registry is required so that people know who owns the name - you're not supposed to be able to conduct business without some disclosure of ownership. You personally would be the sole member of the LLC, and the LLC would have the 'dba' as an assumed name of itself. Alternatively, you'd wind up having to license the dba to the LLC, and it would still have to register it with the Secretary of State.

Confused? You should engage corporate counsel before you get too far into this.....

Yes, you can acquire an EIN independent of your SSN or you can use your SSN.

No, the LLC will have you as the member, not a DBA. A DBA is just a fictitious business name. There is no legal distinction as between you, the person, and the DBA. The LLC can acquire a DBA under its state registration.

You shoudl also consider the trademark implications before investing in any brand or business name.

If you need help or clarification, feel free to contact me anytime that is convenient.

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Kind regards,

Frank

www.LanternLegal.com

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DISCLAIMER: this is not intended to be specific legal advice and should not be relied upon as such. No attorney-client relationship is formed on the basis of this posting.